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The Comparison Of The Performance Of Foreign Capital And That Of Domestic Enterprise M&A

Posted on:2005-03-27Degree:MasterType:Thesis
Country:ChinaCandidate:Z LiFull Text:PDF
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Merger and Acquisition (M&A) recombination embodies the market efficiency extremely and possesses the most advanced vigor in the securities market. It continuously inputs the new content and new vigor to the market. Thereby it continuously promotes the development and consummation of the securities market. Generally speaking M&A is an efficient method for business to accelerate the centralization of production .expand the business scale properly > Optimize the industrial organization structure , improve the resource distribution efficiency. However, many examples suggest that not all enterprise M&A can attain this target successfully in reality. It is opposite with the law that M&A is the necessary process for the economic leap development. Why does this kind of discordant situation appear? Unitary viewpoint to this phenomenon hasn't reached in academic circles. Whether or not the M&A being successful not only depends on the research means and the distinction of the selected specimen , But also rests with the complexity in M&A itself. The variable intention of enterprise M&A, the continuously changed attitudes of every government and the evolution in the market competition rule, these wholly cause the complexity of the enterprise M&A and add the evaluation difficulties to M&A success or failure. Today we also clearly see that in market competition the enterprise M&A has an overall and profound effect to the performance of listed enterprise. Hence it is necessary to research for the problem of the listed enterprise performance in point of the M&A.This paper regards the listed enterprise M&A performance as a clue, It studies each performance from the angles of the theory and the demonstration. From angels of the theory, this paper expound the basic theory and the evaluating method of the enterprise M&A performance; From the angles of the demonstration, It compares and analyzes the enterprise M&A performance of 2000 in China, adopting the method of the Market Reaction and the method of the Finance Performance. Finally , on the basic of theory research and the demonstration this paper further analyze the main factors which affect the enterprise M&A performance. It also puts forward some advice on how to eliminate the obstacles.Firstly, this paper defines M&A and analyzes the each characteristic of domestic enterprise M&A and the foreign capital M&A in China. Then on the basic of analyzing the development of the listed enterprise M&A it introduces the theory and the evaluating method of the enterprise M&A performance and analyze the effect factors of the enterprise M&A performance.Secondly, this paper summarises the advanced performance evaluating method, and form the research method of itself. First this paper adopts the method of CAR to valuate the market reaction to foreign capital M&A and the domestic enterprise M&A performance in the second market. We calculate the exceeding earning rate in different calculating period of time through market reaction method. The circulating shareholders' exceeding earnings in domestic M&A is less than the foreign capitalM&A. This paper use the method of principle components and the method of Paired Sample Test to verify the finance performance of foreign capital and the domestic enterprise M&A. The demonstration suggests: the integration effect of foreign capital M&A improves more notable. It shows the foreign capital M&A has some outstanding scale-economy effect. The behavior possesses the market characteristics. It also discusses the factors which affect the result reliability at the same time.Finally in the part of normalizing the M&A behavior, this paper first analyzes main obstacles of the listed enterprises in China in-depth in the process of M&A. Then it puts forward some standard step directly.
Keywords/Search Tags:Foreign capital M&A (Merger and Acquisition), Domestic enterprise, Performance, Market reaction
PDF Full Text Request
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